October 6, 1991
* POWAY: Monterey Point, by Pacific Shelter; 21 3-4-bedroom, 2 1/2-3-bath detached homes, 2,063-2,859 square feet; starting bids, $189,000-$254,900; auction to be held today at Rancho Bernardo Inn; auctioneer, Real Estate Disposition Corp., (714) 432-8353. Los Angeles County * MALIBU: Portico at Malibu, a bank foreclosure; 21 2-bedroom, 2 1/2-bath townhomes, up to 2,464 square feet; minimum bids, $549,000-$648,000; open 10 a.m.-6 p.m. daily at 6435 Zumierez Drive; auction to be held Oct.
June 16, 1992 |
Because the properties offered at a real estate auction typically are financed rather than purchased with cash, the rules are different than at other types of sales. Typically, bidders must register and show cashier's checks, made out to themselves, as so-called earnest money. The amount of the check is set by the auction company. For this month's sales, the Resolution Trust Corp. is requiring $2,000 and Real Estate Disposition Corp. $2,500.